Time Inc. today reported a nine percent drop in Q3 revenues to $679M due to an 18 percent decline in advertising sales.
CEO Rich Battista highlighted Time’s growth in digital/brand extensions revenues that are expected to hit the $1B mark this year.
For the first time, the publisher provided quarterly breakout figures for magazine, digital and brand extension segments.
The magazine group dipped 14 percent to $433M, while digital advanced three percent to $165M and brand extensions slipped four percent to $83M.
Battista noted that the publisher’s “strategic transformation program” officially launched during Q3, a program designed to optimize revenues opportunities and shave more than $400M from the company’s cost structure.
“Our new management team remains focused on executing effectively against our growth strategy to sustain the strength of our print products, increase our growing digital revenues and extend our brands through high-margin, high-value offerings,” said Battista in a statement.
Focusing on Time’s 139M monthly unique visitors, Battista said the company “is committed to leveraging our massive scale and powerful brand portfolio to serve our consumers anywhere.”